Asia

Paradise Co Appoints Choi Sung-wook as its New CEO

Published

4 years ago

April 1, 2021

Paradise Co Appoints Choi Sung-wook as its New CEO

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South Korean casino operator Paradise Co has appointed Choi Sung-wook as its new CEO. He will join the board having served most recently as CEO of the Paradise casino in Busan and replace Park Byung-ryong on an initial two-year term.

The company currently operates four foreigner-only casinos in the nation; Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand. The latter reported a loss of $100m in 2020, as international travel bans in place throughout most of the year proved detrimental.

Half of Korea’s 16 foreigner-only casinos are located on the island of Jeju, and between them saw a 65% year-on-year revenue drop to KRW69.30bn ($61.5m).

Choi will have much to contend with in his new role, but can take a small amount of solace from the recent announcement that Korean casino operators will not have to make obligatory sales tax payments for at least 12 months.

The reprieve will be a welcome one in the short term, but either the opening of all venues to locals or a drop in international travel restrictions will be necessary for the market to return to a profitable state.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.